Recasher, a London-based fintech startup, has recently launched an equity crowdfunding campaign on Seedrs with a mission to raise €500,000 for the expansion of its loyalty program that offers instant e-money cashback to consumers.
The company described its loyalty program as an incentive for consumers to be able to collect instant cashback (i.e. e-money) rewards through its smartphone app at the time of their purchases at contracted merchants. Recasher noted that its program is not a niche or a specific program, but a “universal loyalty solution application” to all markets and industries. During a recent interview with EU Startups, the company shared how loyalty customers can use the program:
“Consumers can download the app free of charge. Instead of points – that can be swopped for overpriced goods, or remain entirely unused – our users receive real cash, while saving 4 to 6% of their purchase volumes. They do not need to carry multiple loyalty cards any more, but they can validate their cashback at all the merchants connected to us via their app. The collected cashback is instantly available upon purchases and it is immediately available to spend. Also, consumers can get notifications about various promotions, coupons and benefits offered by the various merchants and services providers.”
Recasher revealed that the program has taken 16 months to develop and more than €800,000 have already been invested by private investors. The company’s team is currently looking for strategic partners in their first target markets, which are Germany and Austria.
Since its launch, Recasher has successfully secured more than half its initial funding target. It is set to close later this spring.
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